Introduction  Avarga is an investment holding company focused on creating value through strategic investments. The Group has businesses in paper manufacturing (paper), power generation (power), distribution of building materials (Taiga) and property investment holding. Founded in 1967, the Group is headquartered in Singapore, with business operations and assets in Malaysia, Myanmar, Singapore, Canada and the USA. At S$0.25 per share, Avarga is valued at S$219m. With a trailing P/E of 13.3x*, I believe this company is undervalued and has substantial upside potential. *due to the note restructuring on 17 Nov 2017, for accounting purposes, one-off non-cash extraordinary items were expensed off (AR17, pg 6). Trailing Core P/E is much lower, around 8-9x. The Management & Board Tong Kooi Ong, Executive Chairman & CEO: 25.31% Ong Pang Liang, Independent Director (ID): 0.57% Kalimulah Bin Masheerul Hassan, ID:            3.42% Ng Shin ......